Notice to Customers

GENERAL NOTICE TO ALL CUSTOMERS

As per Instructions on obligation of customers in terms of the requirements of PML Rules, Customers are hereby advised that:

“In case of any update in the documents submitted by the customer at the time of establishment of business relationship / account-based relationship and thereafter, the customer shall declare and disclose immediately to Bank and in no case beyond 30 days from the date of change, any changes that may take place in the information provided therein /or otherwise, as well as in the documentary evidence provided by them.

If any certification becomes incorrect or undergoes a change, the customer shall provide fresh and valid certification along with documentary evidence as and when so required; nevertheless, all declaration and undertaking given at the time of establishment of business relationship / account-based relationship and thereafter will also be applicable to all such modified/amended documents/information provided by them unless revised certification is provided to the Bank”. This shall be done within 30 days of the update to the documents/certification for the purpose of updating the records with the bank”.

Options available to the borrowers at the time of reset of floating interest rate on Equated Monthly Instalments (EMI) based Personal Loans

At the time of reset of external benchmark interest rate i.e., GSBLR, the EMI/Loan Tenor, or both, may change. The Bank will pass the impact of GSBLR reset on tenor of the loan facility by default.

In case, borrower requires impact of reset of external benchmark interest rate i.e., GSBLR, on EMI/EMI & Tenor both, then he/she has to submit a request letter in the Bank’s prescribed format at the nearest Utkarsh Small Finance Bank branch within 7 days from the date of reset of external benchmark rate i.e. GSBLR.

The borrowers also have the below options at the time of benchmark interest rate reset:

1. Switch from the existing floating rate of interest to a fixed rate of interest, for the remaining portion of the loan, by availing the conversion option. Applicable amendment/conversion charges will be levied for the same.

2. Borrower may Prepay his/her loan either in full or in part, at any point during the residual tenor of the loan.